Law firm Moore Barlow has advised Cooper Estates Development on the multimillion-pound purchase of a hotel in Wellingborough, Northamptonshire as the property investment company looks to expand its hospitality portfolio.
As part of the deal Cooper Estates has also agreed a new lease for the site on the west side of Enstone Court with Travelodge. Taking over the lease from Ibis, the national hotel chain plans to reopen the venue ahead of the British leg of the Formula One grand prix in 2024, taking place at nearby Silverstone.
The deal to buy the hotel from K/S Wellingborough was led by Luc Algar, partner and head of real estate at Moore Barlow.
Commenting on the deal, Luc said: “Cooper Estates have a strong track record of acquiring sites and making them work. This is another excellent selection and the immediate interest from a national hotel brand shows the potential it has to deliver growth.
“The hotel and leisure industry is a vital cog in the UK’s economic machine and ensuring it is backed by a robust M&A market is essential. Companies like Cooper Estates play an important role in ensuring towns like Wellingborough, where tourism is essential to the local economy, continue to prosper.”
David Gregory, investment director at Cooper Estates, said: “This had the potential to be a very complicated deal, with the end of one lease, the acquisition and the new lease with Travelodge all needing to happen in tandem. That it went so smoothly is testament to the team that worked on it, and means all parties are in the best possible position to move forward and ensure the hotel’s continued success.”
